UOB demands $74.6 million payment from former Cathay Cineplexes operator mm2 Asia

[Hightech88]

https://www.straitstimes.com/busine...sia?_nei=3daabea5-cea7-4e79-8f3b-e6d7a7a57a8e

UOB demands $74.6 million payment from former Cathay Cineplexes operator mm2 Asia​

Cathay Cineplexes ceased operations in September after entering voluntary liquidation.
PHOTO: ST FILE

SINGAPORE – Entertainment group mm2 Asia said on Nov 10 in a bourse filing that UOB has demanded repayment of about $74.6 million from the company and various units.

The sum – which is roughly three times mm2 Asia’s market value of $26 million – follows millions of dollars in payment demands from landlords over the group’s failed Cathay Cineplexes chain.

One of the biggest claims was Frasers Centrepoint Trust’s $2.6 million demand in relation to its Causeway Point lease. Standard Chartered also sent mm2 Asia a $905,000 payment demand in October.

A UOB letter was sent on Nov 7 to mm2 Asia and its subsidiaries mm2 Entertainment, Unusual Management, mm2 Connect and mm Plus.

The last two companies were guarantors, likely for Cathay Cineplexes, which ceased operations in September after entering voluntary liquidation.

According to mm2’s financial statement for the 2025 financial year ended March 31, it had total borrowings of $217 million, of which $201 million was due within a year. Trade and other payables totalled $102.5 million. The group had $310 million in current liabilities as at March 31, against $263.6 million of current assets.

The entertainment group said it is seeking legal advice on UOB’s demand and will continue to monitor the situation.

Earlier in August, mm2 said it had received eight letters of demand totalling $17.6 million, but had added then that it could continue as a going concern.

Shares of mm2 Asia plunged 25 per cent, or 0.1 cent, to 0.3 cent on Nov 10. Trading was heavy with 53.4 million shares changing hands.

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[ftan42]

UOB's financial results for the third quarter ended 30 September 2025 (3Q 2025), released on November 6, 2025, revealed a 72% year-on-year decline in net profit compared to the previous year.
want to recover some cofi $$$?

 

[k1976]

AllianzGI in exclusive talks to buy UOB Asset Management — Bloomberg​

Manuel Baigorri, Leonard Kehnscherper, Elffie Chew & Chanyaporn Chanjaroen / Bloomberg Published on Fri, Jun 05, 2026 / 01:08 PM GMT+08 / Updated 2 hours ago

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(June 5): Allianz Global Investors is in exclusive talks to buy the asset management division of Singapore’s United Overseas Bank Ltd, according to people familiar with the matter.

AllianzGI outbid rivals to emerge as the likeliest buyer of UOB Asset Management Ltd., and the details are being finalised on a transaction that could be valued at up to $600 million, the people said, asking not to be identified because the discussions are private.

Talks are ongoing and no final decisions have been made, the people said.

A representative for AllianzGI declined to comment. UOB said it is focused on delivering long-term value for shareholders and meeting the customer needs, but declined to comment further.

UOB has been exploring options for its asset management arm, including a possible sale, to streamline its portfolio, people familiar with the matter said in December. Amundi SA, KKR & Co and Temasek Holdings Pte Ltd’s Seviora were also among bidders for the unit. A key point was how much of UOB’s distribution network in Southeast Asia would be included, the people have said.

Established in 1986, the wholly owned UOB subsidiary has more than $41 billion of assets under management. In addition to Singapore, it has offices in Brunei, Indonesia, Japan, Malaysia, Thailand and Vietnam.

See also: Nippon Paint, Sherwin-Williams end pursuit of Akzo Nobel

AllianzGI had almost €600 billion (US$697 billion or $895.52 billion) in assets under management as of the end of March. That included equity, fixed income, private market and multi-asset strategies. The company is owned by German insurer Allianz SE, which also owns bond manager Pacific Investment Management Co.